The global economy is expected to recover in the second half of 2021. At this point, India is better placed than most countries, with the infection and death rates coming down drastically over the last few months. The market sentiments are positive, and the arrival of multiple vaccines has further added to the confidence of the people and businesses. Economic activities have already come back to pre-Covid level in most sectors, with the exception of a few industries like hospitality, tourism and travel.
In the last one year, we have seen technology play an important role in the overall economic recovery. The pandemic has led to the acceleration of digital adoption in India, changing the way business is done. Most of the small and medium businesses in the country have adopted digital technologies during this period, which will be beneficial in shaping their future growth.
Sectors driving growth
Going by the current trends, agriculture, healthcare and infrastructure appear to be the main drivers of the economy. India’s thrust on healthcare and infrastructure development (highways and rural connectivity) will, in addition to attracting investments in agriculture and food processing, push the growth of other manufacturing and service industries.
The use of geospatial technologies in multiple industry segments in India is gaining momentum. There are several companies and startups working in this space, trying to come up with a sustainable business model. With over 60% of the population of the country living in rural areas, there is huge scope for use of geospatial data and technologies in agriculture and healthcare for bettering the income and living standards of the rural population.
“The use of geospatial technologies in multiple industry segments in India is gaining momentum.”
Accelerated innovation and adoption
The COVID-19 pandemic has accelerated the rate of technology innovation, integration and adoption. Geospatial technology is no more a specialized application. Several aspects of GIS have already become mainstream. The advent of technologies like Artificial Intelligence, Machine Learning and Internet of Things in the Geographic Information Systems’ space will give a big impetus to the usage of geospatial technologies in wider applications.
A major portion of the GIS services business in the Indian geospatial industry is still coming from overseas clients. The government sector is a big market for GIS business in the country, but with data restriction (concerning satellite image resolution/mapping scale) and the state providing GIS services in operational areas by itself, the growth of the overall industry has not picked up as much as it should have. I believe that there is a need for a proactive policy to encourage and develop private players in the geospatial space.
